This is an excellent MUST READ article from Oxford economist, Simon Wren-Lewis. Check it out!
mainly macro: Was the UK government’s use of North Sea Oil a scandal?.
Personally, I’m of the opinion that the UK squandered revenues from offshore oil and gas – certainly there is no sovereign wealth fund like Norway.
A North Sea Oil rig. North Sea oil production is centred on the waters to the NE of the Scottish mainland. (Photo credit: Wikipedia)